Crypto-focused asset manager Pantera Capital is raising funds to buy discounted Solana tokens from the bankrupt FTX exchange, Bloomberg reported on Mar. 7.
According to the report, the company initiated the Pantera Solana Fund to acquire up to $250 million of SOL tokens from the distressed FTX estate. This move entails purchasing SOL at a discounted rate of approximately 39%, pegged at around $59.95 based on a 30-day average price.
Investors interested in this opportunity must commit to holding their assets for up to four years, during which Pantera plans to impose a 0.75% management fee and a 10% performance fee.
Although the funding round was slated to conclude by the end of February, Pantera managed to secure a portion of the funds, the exact amount of which remains undisclosed, according to a confidential source cited by Bloomberg.
Notably, this acquisition strategy enables FTX liquidators to bolster their funds without undue influence on SOL’s market price. At the time of FTX’
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